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Beijing Club, Hong Kong’s biggest nightspot, has closed its doors after several months of losses.

The club, spread over 12,000 square feet on three floors in the Wellington Plaza entertainment complex in Lan Kwai Fong, opened in 2007 and had often boasted of its extravagant decor, which included gold-gilded toilets and crystal decorations imported from Austria.

Parent company the Magnum Entertainment Group – which also operates the Central nightclubs Magnum, Zentral and Dizzi – announced the closure in a statement on Tuesday.

“In light of the loss-making performance of Beijing Club notwithstanding management’s effort to turn around the business, to focus available resources on the other clubs of the group and to save future rental expenses, the board of directors of the company announces that the group will not seek to renew the tenancy for the premises of Beijing Club upon its expiry” in February next year.

The company said the remaining months of the tenancy would be spent restoring the property to its original condition before returning it to the landlord.

The Magnum Entertainment Group also operates the Central nightclubs Magnum, Zentral and Dizzi.

The company announced in August that Dizzi – which replaced the former Magnum Entertainment Group venue Billion in the On Hing Building complex just off Lan Kwai Fong less than a year ago – would be closing in October, but said in Tuesday’s statement that the Zentral and Magnum clubs would remain open.

“The board considers that the planned closure of Beijing Club and Dizzi would not have material adverse effect on the overall business operations of the group given that Magnum and Zentral, the two other clubs of the group, have been and are expected to continue to be the main pillars of the group’s clubbing business.

The group will continue its drive to fortify its pioneer position in the clubbing and entertainment industry in Hong Kong,” the statement said.

With its four high-end clubs located within a stone’s throw of each other around Lan Kwai Fong, the Magnum Entertainment Group appeared to have cornered the commercial side of Hong Kong’s clubbing market. Beijing Club had regularly hosted up-and-coming DJs from the electronic dance music (EDM) scene, as well as exclusive events sponsored by luxury brands including Moët & Chandon and Hennessy.